Uber and Lyft Gear Up for Pay Increases in Minnesota: What Drivers and Investors Need to Know
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 22 2024
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Source: Benzinga
- Uber and Lyft Drivers Pay Increase in Minnesota: New law to raise pay for drivers starting January 1, 2025, with rates set at $1.28 per mile and $0.31 per minute.
- Legislation Benefits and Compromises: The bill offers protections like insurance and injury compensation for drivers, potentially increasing costs for riders.
- Governor's Support and Concerns: Governor Tim Walz supports the bill after negotiations but had vetoed an earlier version due to concerns about high ride-hailing costs.
- Financial Performance of Uber: Uber reported revenue growth of 15% year-on-year in the first quarter of 2024, with strong performance in trips and Adjusted EBITDA.
- Investment Opportunities: Investors can access Uber and Lyft stocks through ETFs like ProShares On-Demand ETF and Amplify Travel Tech ETF, with Uber shares trading higher premarket.
Analyst Views on UBER
Wall Street analysts forecast UBER stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for UBER is 114.67 USD with a low forecast of 73.00 USD and a high forecast of 150.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
31 Analyst Rating
27 Buy
3 Hold
1 Sell
Strong Buy
Current: 82.560
Low
73.00
Averages
114.67
High
150.00
Current: 82.560
Low
73.00
Averages
114.67
High
150.00
About UBER
Uber Technologies, Inc. operates a technology platform that uses network and technology to power movement from point A to point B. It develops and operates technology applications supporting a variety of offerings on its platform (platform(s)). Its segments include Mobility, Delivery and Freight. Mobility products connect consumers with drivers who provide rides in a variety of vehicles, such as cars, auto rickshaws, motorbikes, minibuses, or taxis. Delivery offerings allow consumers to search for and discover local restaurants, order a meal, and either pick-up at the restaurant or have the meal delivered. In certain markets, the Delivery segment provides offerings for grocery, alcohol, and convenience store delivery as well as select other goods. The Freight segment connects carriers with shippers on its platform, and gives carriers upfront, pricing and the ability to book a shipment. The Freight segment also includes transportation management and other logistics service offerings.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
